In today’s briefing:
- China Oil & Gas – Earnings Flash – FY 2023 Results – Lucror Analytics
- Morning Views Asia: Nickel Industries , West China Cement
![](http://www.smartkarma.com/assets/plugins/a3-lazy-load/assets/images/lazy_placeholder.gif)
China Oil & Gas – Earnings Flash – FY 2023 Results – Lucror Analytics
COG’s FY 2023 results were acceptable in our view. Importantly, the audit issues resulting in the belated publication of results appear to be minor, with auditor PwC giving a clean audit opinion overall. Leverage was largely stable despite the soft earnings, thanks to debt reduction. In addition, we view positively that the guarantees provided to associate Shandong Shengli (which we classify under debt) have largely fallen away. COG’s liquidity is adequate, as the company is poised to refinance the bridge loan using a new syndicated loan facility.
We move our recommendation to “Buy” from “Hold” on the CHIOIL 4.7 ’26s.
Morning Views Asia: Nickel Industries , West China Cement
Lucror Analytics Morning Views comprise our fundamental credit analysis, opinions and trade recommendations on high yield issuers in the region, based on key company-specific developments in the past 24 hours. Our Morning Views include a section with a brief market commentary, key market indicators and a macroeconomic and corporate event calendar.